Analyzing Paul Tudor Jones' shifting approach to bitcoin etfs

A 13F filing reveals that Paul Tudor Jones’ investment firm, Tudor Investment, increased its direct stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 18.9% during the second quarter of 2026. This move follows a prolonged period of divestment throughout 2025, marking a notable shift in the firm’s strategy toward cryptocurrency exposure.

Institutional investors like Tudor Investment use 13F filings to disclose their quarterly holdings of publicly traded securities. While these filings provide a snapshot of an firm's portfolio, they do not necessarily reflect the entirety of a firm's trading strategy, as they omit non-reportable assets and short-term positions. According to the recent filing, Tudor Investment held 688,529 shares of IBIT as of June 30, valued at approximately $22.9 million (CoinDesk, 2026).

Why did Tudor Investment change its bitcoin stance?

After a year of consistent selling, the decision to increase direct share holdings by 109,446 shares suggests a tactical pivot rather than a complete reversal of the firm’s long-term outlook. Paul Tudor Jones has historically positioned bitcoin as an "inflation trade," often comparing its fixed supply favorably against traditional stores of value like gold. By increasing its stake while simultaneously slashing its call option exposure by 85.2%, the firm appears to be moving away from leveraged bets toward more direct, long-term ownership of the underlying asset.